Your exchange will need a merchant account or a gateway account with VirtualBarter or Authorize.net + a credit card merchant account to enable real time fee processing to credit cards and checking accounts, with settlement and direct deposit to your checking account.
If you already have a merchant account, most merchant processors integrate with Authorize.net. Alternatively, you can use VirtualBarter's NMI Gateway, which provides the same service at about 30% lower fees. Contact us with your Merchant ID (MID) and Bank ID (BID), which you can get from your merchant services company, to get a NMI Gateway account set-up within 24 hours.
If your merchant processor does not integrate with Authorize.net, you will need to change merchant processors. VirtualBarter highly recommends WePay, as a WePay merchant account will give you immediate integration with VirtualBarter.
If you don’t have a merchant account, you can get an instant hassle free account in minutes by selecting WePay in the Payment Gateway section on the Exchange Settings page.
Note: Most banks will not provide a merchant account to barter exchanges, as bank underwriters do not understand the barter exchange business model. VirtualBarter has collaborated with WePay underwriters to help them understand the barter exchange business model, so that barter exchanges are an approved business type at WePay.
Reporting and Settlement
Payments processed through WePay or through Authorize.net and your merchant account are settled and transferred directly to your checking account. VirtualBarter provides reporting of fees sent for processing, approved charges and denied charges in the online reports.